Balentine LLC has acquired a new stake in Salesforce Inc. during the second quarter of 2023. The investment firm purchased 936 shares of the customer relationship management (CRM) provider, valued at approximately $255,000. This move reflects a broader trend, as several other hedge funds and institutional investors have also adjusted their holdings in Salesforce (NYSE: CRM).
Significant Changes Among Institutional Investors
Notably, Painted Porch Advisors LLC increased its position in Salesforce shares by an impressive 260% in the same quarter. After acquiring an additional 65 shares, the firm now holds a total of 90 shares valued at $25,000. Similarly, Capital A Wealth Management LLC raised its position by 450% during the first quarter, now owning 110 shares, valued at $30,000, after purchasing an additional 90 shares.
CBIZ Investment Advisory Services LLC also reported a substantial increase, raising its position by 314.8% in the first quarter. Following the acquisition of 85 more shares, CBIZ now owns 112 shares valued at $30,000. Additionally, Abound Financial LLC entered the market with a new position valued at approximately $31,000. Christopher J. Hasenberg Inc. raised its stake by 383.3% in the second quarter and now owns 116 shares valued at $32,000. Overall, hedge funds and institutional investors collectively own 80.43% of Salesforce’s stock.
CEO’s Insider Transactions and Company Performance
In related activity, Salesforce CEO Marc Benioff sold 2,250 shares of the company on October 29, 2023. The shares were sold at an average price of $252.04, totaling $567,090. Following this transaction, Benioff retains ownership of 11,911,571 shares, valued at approximately $3 billion. This sale marks a 0.02% decrease in his position. Over the past 90 days, company insiders have sold a total of 78,750 shares, equating to a value of $19.37 million, with insiders currently holding 3% of the stock.
Salesforce’s share price opened at $260.55 on Friday. The company holds a market capitalization of $248.04 billion and has a price-to-earnings ratio of 37.87. Over the past year, Salesforce shares have fluctuated between a low of $226.48 and a high of $369.00. The firm’s 50-day simple moving average stands at $247.52, while the 200-day average is at $258.06.
Salesforce recently released its quarterly earnings report, revealing earnings per share (EPS) of $2.91 for the quarter, surpassing analysts’ expectations of $2.78 by $0.13. The company reported revenue of $10.24 billion, exceeding forecasts of $10.14 billion. Salesforce’s net margin was 16.87%, with a return on equity of 13.27%. The company also increased its year-over-year revenue by 9.8%.
As for future projections, Salesforce has set guidance for the fiscal year 2026 at $11.330-$11.370 EPS and third-quarter 2026 guidance at $2.840-$2.860 EPS. Analysts anticipate that Salesforce Inc. will report an EPS of 7.46 for the current year.
Recent Dividend Declaration
In a separate announcement, Salesforce declared a quarterly dividend that was paid on October 9, 2023. Shareholders of record on September 17, 2023 received a dividend of $0.416. The ex-dividend date was also on September 17. This represents an annualized dividend of $1.66 and a yield of 0.6%. Currently, Salesforce’s dividend payout ratio stands at 24.13%.
Salesforce Inc. is a leader in providing customer relationship management technology, connecting companies and customers worldwide. The firm’s services encompass data management, lead tracking, forecasting, analytics, and personalized customer support solutions.
For those interested in further developments, additional information on hedge fund holdings and insider transactions can be found on platforms such as HoldingsChannel.com.
